Finep Selects 21 Research Entities to Help Support Innovation in Brazil

Finep, an organization of the Brazilian government dedicated to funding science and technology, has revealed the 21 research support foundations it has selected to help it distribute US$95 million ($190 million) to back innovation in micro, small and medium-sized enterprises in Brazil.

The announcement comes as part of Finep’s Tecnova initiative. The program, which launched in September of last year, encourages the development of new and innovative products, services and processes that add value and differentiate. It seeks to decentralize the operations in each Brazilian state.

Through the initiative, Finep seeks to support 800 companies with resources totaling between US$60,000 and US$200,000 (R$120,000 and R$400,000) each. The companies will be allotted two years to execute their projects of innovation.

Beyond the initial Tecnova investment, Sebrae will participate with US$25 million (R$50 million), and Finep will designate another US$9.5 million (R$19 million) for the structuring, management and consolidation of the selected local agents.

Find the list of the 21 Tecnova entities selected here.